Central bank warns yuan appreciation risks
People’s Bank of China Shanghai has issued a set of guidelines urging corporations to beware of risks associated with foreign exchange rate uncertainty, the Beijing News reported. The bank said companies with overseas businesses could face increasing risk as the yuan’s value fluctuates against the greenback, and  urged companies to form forex risk management departments to strengthen internal controls and risk management. The yuan has appreciated a further 5% since it was revalued by 2.1% to 8.11 per dollar on July 21, 2005, and freed from a dollar peg to float within managed ban. The central bank set the yuan central parity rate at 7.7199 to the dollar on April 26.

CAAC to tackle late flights
China General Administration of Civil Aviation (CAAC) planned to form a committee at the Beijing Capital International Airport to tackle flight delays, the Beijing Times reported. CAAC said the move would prevent delays occurring during the rainy season from June to August and help improve flight regularity ahead of the Beijing 2008 Olympics. From May 1, the committee will warn flights that depart on time less than 20% of the time, and any flights that receive two warnings will be suspended. CAAC vice-minister Yang Guoqing said the measure would be promoted to other large airports in key transport hubs and would gradually form a long-term mechanism to guarantee flight punctuality.
 
Love21cn.com received US$40 million investment
Wedding and networking site Love21cn.com announced it has received a US$40 million investment from three New Oriental founders, Sina Tech reported. The three investors are Xu Xiaoping, Wang Qiang and Qian Yongqiang. Xu said the internet stimulated a revolution in networking, dating and marriage, but its anonymous characteristic also had a negative impact. According to internet research firm iResearch Consulting, China’s online dating and networking market will reach US$84.26 million (RMB653 million) by 2008, representing an annual compound growth rate of 106.2%. However, iResearch also pointed out that China’s existing dating and networking sites lacked efficient profit models.